{"id":1400,"date":"2024-07-18T16:41:15","date_gmt":"2024-07-18T16:41:15","guid":{"rendered":"https:\/\/nohasslelistingblog.com\/?p=1400"},"modified":"2024-07-18T16:41:15","modified_gmt":"2024-07-18T16:41:15","slug":"market-update-july-2024","status":"publish","type":"post","link":"https:\/\/nohasslelistingblog.com\/?p=1400","title":{"rendered":"Market Update July 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Market Erosion<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trickling erosion of the market continues although the rate of erosion appears to now be slowing.&nbsp; While supply is up, in fact up a whopping 57% from this time last year, it is still below normal.&nbsp; Demand is more problematic and continues to be anemic at best.&nbsp; It seems likely to stay that way unless a drop in interest rates changes buyers\u2019 appetites.&nbsp; So although we are overall in a balanced market \u2013&nbsp; for most sellers it doesn\u2019t feel that way.&nbsp; In fact, areas and price points are behaving differently. &nbsp;In the center of the valley, supply is more constrained as builders have no land to create new product and thereby more competition.&nbsp; It is the outer areas where builders are active that sellers are at a marked disadvantage.&nbsp; Price, a trailing indicator, is being affected currently in part due to the luxury market going flat in summer and in part by seller needed price reductions.&nbsp;&nbsp;&nbsp; As the Cromford Report shares \u201cseasonal patterns are being emphasized by the weakness in demand\u201d.&nbsp; So the real two-word problem is \u2013 anemic demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;The Report further summarizes:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>We are firmly into the quiet season and closed sales for June 2024 were already down 15% compared to June 2023. We anticipate low volumes to continue during July and we have 2 to 3 months of seasonal price weakness to endure before the market is likely to pick up steam again in October. This could be jump-started early by a drop in interest rates, but we are not holding our breath.&nbsp; There is no need for panic, but patience is definitely being tested.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers should take advantage of the lull as they have a chance to negotiate in their favor with more choices to consider.&nbsp; Sellers need to brace for less showings and offers and try to hang on to the buyers they attract.&nbsp; Patience seems to be the byword.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wonder what your specific neighborhood is doing as far as supply\/demand and pricing?&nbsp; Contact us we are always here to give you facts, not headlines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russell &amp; Wendy Shaw<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Mostly Wendy)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Erosion The trickling erosion of the market continues although the rate of erosion appears to now be slowing.&nbsp; While supply is up, in fact up a whopping 57% from this time last year, it is still below normal.&nbsp; Demand is more problematic and continues to be anemic at best.&nbsp; It seems likely to stay [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1400","post","type-post","status-publish","format-standard","hentry","category-real-estate-market"],"_links":{"self":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1400"}],"version-history":[{"count":2,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1400\/revisions"}],"predecessor-version":[{"id":1402,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1400\/revisions\/1402"}],"wp:attachment":[{"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nohasslelistingblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}